RBS: Moving from student account to graduate account

Mr_Dangermouse

Hi forummers,

I'm in my final year of university and have had an RBS student account the whole time I've been here. I know that when I graduate my account will transfer over to a graduate account, and I have secured graduate employment beginning in mid August.

Now as you may be aware both of these accounts offer interest free overdraft. With the student account you can apply for up to £500 in your first term and £2000 afterwards. I'm in my final term so would be eligible for the £2000, but I've never actually had to use it before.

The graduate account which will automatically succeed the student account allows for an interest free overdraft of £2000 in the first year after you graduate and then £1000 in the second year.

Now, as I said earlier, I've never had to use overdraft in the past, however it seems like I will need it over the summer between finishing uni and graduating. The reason for this is that my student loan stops being paid in May and my student flat rent is due every month until July Also my part time job pays a month late and I can't start working shifts there until mid June.

Essentially I will have the money to pay my June/July rents but won't have it until a couple of months later when (a) I get paid for working some shifts at my part time job and (b) I get my first payslip from my new full time graduate job

With all this in mind, what chance do you think I've got at being accepted for £1000 interest free overdraft limit from RBS?

Thanks

Super_Whiskey

If you're a UK resident and had your student loan paid in then you'll be eligible for it. Just pop in to branch or go online and ask.

Mr_Dangermouse

Super_Whiskey wrote: »

If you're a UK resident and had your student loan paid in then you'll be eligible for it. Just pop in to branch or go online and ask.

Are ALL students eligible? Here's the (potential) catch. I've done a fair bit of matched betting using that account (I know that isn't smart, but it made me a fair bit of cash and I gave it up when my card got blocked)

Does anyone know what kind of credit checks are performed on students? I've never paid a bill late or anything, just they might not like me for various gambling transactions over the last couple of years

Super_Whiskey

International students aren't as they're not allowed credit due to having no/limited credit history.

In relation to this though, it's up to you what you spend your money on. Gambling's not illegal, you're not money laundering so you should be fine.

Mr_Dangermouse

Super_Whiskey wrote: »

International students aren't as they're not allowed credit due to having no/limited credit history.

In relation to this though, it's up to you what you spend your money on. Gambling's not illegal, you're not money laundering so you should be fine.

So they wouldn't have grounds to refuse on account of the fact that I might be seen as a high risk of not paying back the OD?

phona

They might refuse. They can refuse for any reason or for no reason.
Go into a branch and ask. You should be ok but who knows. If you are refused you can start making other plans straight away.

FYI: My RBS student account took several months to be converted into a graduate account, and the first year doesn't start until they do that. It gives you a bit more time and a bit less complexity while you sort yourself out over the summer.

Super_Whiskey

As above.

If the bank was going to get rid of you for gambling it would've done so before. You should be fine!

realaledrinker

Shame you aren't with the Co-op Bank who don't seem to have a clue who is a student and who isn"t!

knack92

Online application is here to save a branch visit: https://www.rbs.co.uk/apps/secure/applicationforms_dda/asp/form.asp?appid=856

jde-tv

As far as I know they give the full overdraft amount to any UK student, however I have heard of other students being refused an overdraft extension in their last term. Also my student account didn't change into a graduate account until the end of the November after I finished uni.

Mr_Dangermouse

jde-tv wrote: »

As far as I know they give the full overdraft amount to any UK student, however I have heard of other students being refused an overdraft extension in their last term. Also my student account didn't change into a graduate account until the end of the November after I finished uni.

Other students as in non-UK? So you reckon as a UK student I should be fine?


Do you keep your student account until it converts, yeah? So if you had an arranged overdraft you'd keep that until the changeover date and beyond?

Or is there some kind of general account that you get after graduating but before graduate account?